Mark Bristow, CEO of Barrick Gold, discusses why our current situation may be similar to 2008, when the price of gold first retreated and increased three years later. “The real rally for gold is yet to come,” Barrick CEO said, and made important predictions.
Mark Bristow: The real rally for the price of Gold is yet to come…
Mark Bristow, CEO of Barrick Gold, commented on the gold markets and said:
I always bring people back to 2008, to 2009, to the global financial crisis, to all these problems. The market didn’t react much to it because it desperately wanted us to get out of it before it really appreciated the damage it had done. It rose and remained unchanged until the last 2013. I think we’re finding the same thing now.
On Monday, Barrick Gold announced its second-quarter financial results, reporting revenue of up to $2.89 billion in the second quarter of 2021. Of the $2.89 billion total sales in the second quarter, $2.5 billion was made in gold and $234 million in copper, or about 10% of sales.
Mark Bristow: With gold comes more copper
Mark Bristow said the company plans to expand copper production to around 20% of the business to meet the needs to mobilize and scale up its gold deposits. Mark Bristow made the following comments on the subject:
Over time, it should make up 20% of our business. I really focused on how to improve the quality of this part of the work. Copper is a very important component. Additionally, as a gold company, you should look for larger and larger gold deposits to stay current. As we move towards what we call a bed, more copper comes with the gold.
Cryptocoin. com, in terms of asset growth, Mark Bristow said he prefers “organic growth”, referring to internal research, rather than buying young miners. Barrick CEO said in the continuation of his statements that “The real rally for gold has not yet come” and pointed out that there may be a great rise in gold.